With budget pressures continuing to built, it is no surprise that this large pot to potential revenue has caught the eyes of policy makers. Some tax reformers, like senators Ron Wyden of Oregon and Dan Coats of Indiana, have recommended substantial cuts in tax preferences in order to finance broader reform of the tax code, including reductions in tax rates. President Obama's fiscal commission -- as well as the debt-reduction task force chaired by former New Mexico senator Pete Domenici and former White House budget director Alice Rivlin (a committee on which I served) -- proposed even deeper cuts, with the aim of financing significant deficit reduction and across-the board reductions in individual and corporate tax rates.